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UR
Finances 101: Frequently asked questions |
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What is
the financial role of the Board of Trustees? The Board of Trustees is a
group of 40 to 50 individuals who have the ultimate fiduciary responsibility for
the future welfare of the university.
Most of them are alumni, most are financially successful and a small
number are academics. The president of
the university is a member of the Board.
The Board is a self perpetuating group; its new members are elected by
the existing Board after being chosen by a Nominating Committee for their
willingness to commit to the institution’s future. They typically serve
5-year terms which can be renewed once.
The Board has the final say on budgetary decisions (including the endowment spending rate) and on faculty
appointments, promotions, and tenure.
Trustees are not compensated by the university. The current chairman of the
Board is Edmund A. Hajim ’58. Past
chairs include Robert B. Goergen ’60 (1991-2003) and G. Robert Witmer ’59
(2003-2008). The Board meets twice a
year on campus, usually in October prior to Meliora Weekend and in May prior
to Commencement. There is a third
meeting in the winter, sometimes at another location. Various Board committees may meet more
frequently, either in person or by phone.
The Board has a fiduciary
duty to be ultimately responsible for all University financial matters. However, our Board delegates routine
oversight to several of its committees including Executive, Investment, Audit
and Risk Assessment, Compliance and Compensation, and Financial
Planning. These committees, separately
or in combination, review and recommend for approval by the full board all operating
and capital budgets, strategic plans, major facilities projects and budgets,
oversee policies and practices with regard to the investments of the
University’s endowment and similar funds, determine the scope of the annual
or other audits of the operations and finances of the University, review and
approve compensation and other consideration accorded to officers, Trustees
or other persons in positions of substantial influence over the affairs of
the University. The specific
responsibilities of these and other Board committees are provided for in the bylaws of the University. The Board committees
include · The Executive Committee ·
The Investment
Committee ·
The Committee
on Nominations and Board Practices ·
The Committee of
Facilities ·
The Committee
on Audit and Risk Assessment ·
The Committee
on Personnel ·
The Committee
on Health Affairs ·
The Committee
on External Affairs ·
The Financial
Planning Committee ·
The Committee
on Student Affairs ·
The Committee
on Compliance and Compensation ·
The Development
Committee ·
The Committee
on Academic Affairs For
more information on what these committees do, see Witmer’s speech in the Faculty
Senate meeting of December, 2001, (you will need the Faculty Senate
password to access this; contact Jenni Oliver) and the bylaws of the University. For an overview of issues facing trustees,
see the Board
of Trustees Orientation (PowerPoint) presentation of October 15, 2008. Here is a list of trustees, which shows three sets of people. The Voting members of Board are the ones
currently responsible for guiding the institution. Senior and Life trustees
are former voting members.
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